This
work was completely unexpected! Rather than being an academic writing on money,
psychology, etc., it is written in a storytelling manner that made the
concepts come alive. Each chapter begins with a saying that ties the chapter’s
concepts together.
Human
behavioral and thinking foibles such as feeling to never have enough, the
difference between getting wealthy and staying wealthy, wealth is what you
don’t see, how most of Warren Buffett’s came later in life (the concept of
compounding coming alive), and many more concepts are covered in an easy to
understand manner.
I
found myself having to slow down many times to relish the many stories within.
In fact, this is one book of many that I have handy to re-read a particular
section now and then.
Doing well with money isn't necessarily about what you know. It's about how you behave. And behavior is hard to teach, even to really smart people.
Money-investing, personal finance, and business decisions-is typically taught as a math-based field, where data and formulas tell us exactly what to do. But in the real world people don't make financial decisions on a spreadsheet. They make them at the dinner table, or in a meeting room, where personal history, your own unique view of the world, ego, pride, marketing, and odd incentives are scrambled together.
In The Psychology of Money, award-winning author Morgan…
Paraphrasing:
A group of picnickers rush to a nearby river to pull struggling kids out. There
are more and more kids coming downstream, almost too many for the group.
Suddenly, while overwhelmed with too many kids, one takes off. “Where are you
going?” “I’m going upstream to tackle the guy who’s throwing all these kids in
the water.”
I
found the concepts in this work to apply to almost all aspects of life,
personal and at work. Who hasn’t had a persistent problem in their life? The
problem with many problems is we tend to get so focused or busy with them that
they never get solved! Or worse, papered over with band-aids.
I
found the Three Barriers discussion insightful. Epiphany: Search upstream for
causes of problems.
New York Times bestselling author Dan Heath asks what happens when we take our thinking upstream and try to prevent problems before they happen.
When we shift our energies upstream, we stop dealing with the symptoms of problems and we start fixing problems.
If we can stop crimes from being committed, we do not need to work to 'solve' crimes. If we can prevent chronic diseases from developing, we do not need to treat these diseases. If we can provide affordable housing, we do not need to provide shelter for the homeless. Looking to business, politics, and society, Dan Heath…
I
often wondered who and when indexed investing was invented. This work discusses
the history of investing and how indexing came to be. Turns out there were many
people working independently initially, just like many other inventions earlier
in the 20th Century.
Who
knew the latter half of the 20th Century saw technology as well
as a lot of academics come to bear on making investing for people easier and
less expensive. Out of all random events and experiences different players had,
Vanguard and Dimensional were born.
I’m
a history nut as well as being concerned about our personal finances. This work
hit all cylinders on both those accounts. It’s important to understand history
and where things come from to better understand how it properly applies to
yourself.
'Grab some popcorn and take a front row seat, because Robin Wigglesworth has an astonishing story to tell you' Tim Harford, author of How to Make the World Add Up
'A fascinating account of an investment revolution' Ian Fraser, Literary Review
'A magisterial, delightfully written history offering up portraits of the academic scribblers and entrepreneurial practitioners who created the index-fund revolution' The Wall Street Journal
'Wigglesworth has written an important book' Patrick Hosking, Financial Editor, The Times
'A terrific read' Gregory Zuckerman, author of The Man Who Solved the Market
Wealth Odyssey: The Essential Road Map for Your Financial Journey Where Is It You Are Really Trying to Go with Money?
By
Larry R. Frank Sr.,
Maxwell Limanowski (editor),
Peter Sander (editor)
What is my book about?
In Wealth Odyssey, author Larry R. Frank Sr., MBA, CFP® (Retired), uses his extensive financial background to provide a universal road map that will help you determine the wealth you need to support your chosen lifestyle. He discusses such topics as:
The Wealth Rule The Earning-Spending-Saving Formula Using debt wisely Risk management
Wealth Odyssey is written to be timeless; it does not matter what the market has done, or will do.
Wealth Odyssey is a practical, no-nonsense guide that will help you develop a personal definition of wealth and create an effective strategy for long-term financial success based on you and your life's realities.
